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Marketing & The Marketing concept

Chapter 1, Section 1. Marketing & The Marketing concept. MARKETING. The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers.

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Marketing & The Marketing concept

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  1. Chapter 1, Section 1 Marketing &The Marketing concept

  2. MARKETING • The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers. • It involves the process of planning, pricing, promoting, selling, and distributing ideas, goods and services.

  3. MARKETING • Marketing is ongoing, and it changes. • As a marketer you need to keep up with trends and consumer attitudes. • What trends have you noticed in your experience as a teenager?

  4. GOODS • Tangible items that have monetary value and satisfy your needs and wants.

  5. SERVICES • Intangible items that have monetary value and satisfy your needs and wants.

  6. IDEAS • A thought, suggestion, concept, or movement

  7. 7 CORE FUNCTIONS ofMARKETING

  8. CHANNEL MANAGEMENT • Channel Management is the process of deciding HOW to get goods into customer’s hands. • Physically moving and storing goods is part of distribution planning. (truck, rail, ship, or air) • GOAL: to find the best way to get the product into the customer’s hands based on his or her purchasing methods.

  9. INFORMATION MANAGEMENT • A well thought out marketing decision is based on information about customers, trends, and competing products. • Gathering, Storing, and Analyzing are all part of marketing information management. • Used to create a marketing plan

  10. MARKET PLANNING • Understanding the concepts and strategies used to develop and target specific marketing strategies to a select audience. • Determining information needs, designing date-collection processes, collecting data, analyzing data, presenting data, and using the data to create a marketing plan.

  11. PRICING • Pricing decisions dictate how much to charge for goods and services in order to make a profit • Based on: • Production & Distribution Costs • Competitors • How much customers are willing to pay

  12. PRODUCT/SERVICE MANAGEMENT • Obtaining, developing, maintaining, and improving a product or a product mix in response to market opportunities • New technology and trends influence product/service management

  13. PROMOTION • The effort to inform, persuade, or remind current and potential customers about a business’s products or services • AKA Advertising • Also used to improve a company’s public image (“Going Green”)

  14. SELLING • Selling in the retail market, the customer, and B2B to wholesalers, retailers, or manufacturers. • Techniques and activities include determining client needs and wants • Responding with planned, personalized communication.

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